Large-scale logging, in the tropics of Southeast Asia and the Pacific

Large-scale logging, in the tropics of Southeast Asia and the Pacific Islands, is carried out mainly by international logging companies, earning profits by leasing logging rights on land that is still owned by local people, exporting unfinished logs, and not replanting.

the verb-ing modifier earning is showing a result of large-scale logging but in a typical sentence construction of Subject + verb + Object, verb-ing modifier, Subject of both the verb and the action represented by verb-ing modifier should be same. Large scale logging is the subject in this case which cannot earn. Infact international logging companies is the noun which earn the profits. (A) is wrong.

(A) companies, earning profits by leasing logging rights on land that is still owned by local people, exporting unfinished logs, and not replanting - As discussed above

(B) companies, which earned profits by leasing logging rights on land still owned by local people, exporting unfinished logs, and not by replanting - Wrong parallelism

(C) companies, which earn profits by leasing logging rights on land still owned by local people, exporting unfinished logs, and not replanting - which correctly refer to companies. Parallelism is also fine

(D) companies earn profits by leasing logging rights on land, owned by local people still, export unfinished logs, and do not replant - If put in original sentence then we won't be able to find subject of the verb earn

(E) companies, which earn profits by leasing logging rights on land still owned by local people and export unfinished logs without replanting - Wrong parallelism

(C) is the best choice